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USD/CAD bears tempered – TDS

FXStreet (Guatemala) - Analysts at TD Securities explained that next week will start with an empty data board in Canada, however…

Key Quotes:

“We will get July's Industry Level GDP on Tuesday. An on-consensus print of +0.2% m/m would leave the Q3 tracking 2.6% q/q annualized growth, if one is willing to be so conservative as to assume both August and September would print flat on a monthly basis. Growing at 2.6%, Canada's economy would be running above its potential rate therefore it would still be absorbing capacity at a faster pace than the BoC forecast in July”.

“This week we have been foretold by Mr. Poloz et al that, for the time being, they are willing to look past through that at the BoC, as they would rather run with the risk of tightening late instead of too soon”.

“This should have a long-lasting residual effect in the market and should temper the extent to which USD/CAD is pushed lower with any Canadian indicator that surprises to the upside in the coming days”.

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